With a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges?

From the information given, the total finance charges for the mortgage will be given by:
M=P{[r(1+r)^n]/[(1+r)^n-1]}
P=$48,000
r=11%
n=15 years
Hence substituting the values in our formula we get:
M=48,000{0.11(1+0.11)^15}/{(1+0.11)^15-1}
M=6675.131
thus total charges will be:
48000+6675.131
=$54675.131

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